In recent years, attitudes towards the workplace have shifted drastically, not least amongst Gen Z. A recent study we conducted at Travel Counsellors found the growing ambitions amongst younger generations to start their own businesses, with over two thirds (73%) of 16–24-year-olds claiming they would make the jump, versus less than half (45%) of those aged 45-54 years.
This generational shift signals more than just a change in ambition, it marks a reimagining of what a career can look like. Gen Z is increasingly drawn to flexible, values-driven and independent ways of working that align with their lifestyle goals and sense of purpose.
So, as entrepreneurial spirits rise in the UK, what are the opportunities on offer for Gen Z and what are the potential challenges? And, most importantly, what role can business franchising play in this new era of entrepreneurship?
The big shift: from traditional employment to entrepreneurship
As workplace expectations evolve, many younger professionals are exploring career paths that offer greater alignment with their values and lifestyle preferences. For some, this means moving away from traditional employment in search of more autonomy and flexibility.
Entrepreneurship is emerging as a powerful alternative. The benefits of running your own business, particularly in today’s connected, digital-first world are attractive to this new wave of workers. In fact, according to Travel Counsellors, the top five motivations for starting a business included the potential to make more money (39%), achieve a better work life balance (30%), having flexible hours (28%), gain greater control (26%) and achieve more fulfilment in their careers (20%).
However, flexible working is possibly one of the biggest driving forces behind this shift, with more than three quarters (79%) of Gen Z stating that they would invest in setting up their own business if it offered more flexibility and freedom, compared to just 41% of those aged 55 and over. This tells us that, for Gen Z, entrepreneurship isn’t just about financial reward, it’s about designing a life and career on their own terms.
Barriers to entrepreneurship
Yet, despite this positive trend, various perceived barriers to starting one’s own business remain and this is preventing many would-be entrepreneurs from making the leap.
Our research shows that a lack of finance was a key barrier for nearly half of respondents (48%) while fear of failure was a top concern for nearly a third (31%) and a further 28% stated a lack of confidence in their abilities. In addition, a lack of infrastructure and support (17%) and professional networks (17%) were revealed as other key factors.
These aren’t just logistical challenges, they’re confidence issues too. And for first-time entrepreneurs, they can be enough to derail even the most motivated and resilient individuals. That’s why having a strong support framework in place is essential especially for those exploring franchising as a launchpad. The right franchise doesn’t just offer a business model; it offers reassurance, guidance, and community.
The name of the game: franchising
Joining a franchise, whilst not a silver bullet, plays a powerful role in helping aspiring entrepreneurs overcome some of the hurdles to getting started.
The most successful franchises are those designed with the individual in mind. They offer flexibility in startup costs, tailored guidance, and a built-in community of fellow franchisees who share knowledge, experience and encouragement. Beyond the business framework, it’s this sense of support, connection and relationships that builds confidence and reduces any associated risk.
So, whilst starting one’s own business might seem an insurmountable challenge, with the right support, be it through a franchise or something else, it doesn’t have to be. The desire to “be your own boss” is no longer just a dream, it’s a viable, realistic option that’s increasingly within reach. This shift means we can empower the next generation to not only be a part of the future of work, but to shape and lead it.
